Boomers Battled Huge Rate Of Interest however it's a Lie they did It Tougher
Baby boomers had it much easier than the younger generations purchasing a house - despite needing to pay exorbitantly high interest rates.
The generation born after the war were hit with enormous 18 per cent rate of interest back in the late 1980s.
Those payments were debilitating, when they were coming of age in the seventies and eighties, but houses were significantly cheaper compared to typical incomes.
That was likewise back when Australia's population was nearly half of what it is today, long before annual migration levels soared.
Baby boomer financial expert Saul Eslake purchased his very first house in Melbourne's St Kilda East for $105,000 in 1984 on a $35,000 income when he was 26, after gaining from free university education.
With an $80,000 mortgage, he was borrowing little bit more than double his pay before tax and hits out at any tip his boomer generation did it harder - regardless of the high rate of interest he paid.
'I paid eighteen-and-a-half percent for a few of that but my first home expense $105,000 and it took me less than 3 years to conserve up the deposit,' he informed Daily Mail Australia.
'Despite the fact that interest rates are less than half what I was paying, it was nowhere near as difficult as now and I didn't have HECS debt to settle because I belonged to that fortunate generation when it was totally free.
The generation born after the war were hit with huge 18 percent rates of interest back in the late 1980s (pictured is Terrigal on the NSW Central Coast)
'My generation had it quite simple - we got free education, we got housing extremely cheaply and we have made a motza out of the increase in home rates that we have chosen.'
In 1980, Sydney's mid-point priced house expense $65,000, or just 4.
Baby boomers had it much easier than the younger generations purchasing a house - despite needing to pay exorbitantly high interest rates.
The generation born after the war were hit with enormous 18 per cent rate of interest back in the late 1980s.
Those payments were debilitating, when they were coming of age in the seventies and eighties, but houses were significantly cheaper compared to typical incomes.
That was likewise back when Australia's population was nearly half of what it is today, long before annual migration levels soared.
Baby boomer financial expert Saul Eslake purchased his very first house in Melbourne's St Kilda East for $105,000 in 1984 on a $35,000 income when he was 26, after gaining from free university education.
With an $80,000 mortgage, he was borrowing little bit more than double his pay before tax and hits out at any tip his boomer generation did it harder - regardless of the high rate of interest he paid.
'I paid eighteen-and-a-half percent for a few of that but my first home expense $105,000 and it took me less than 3 years to conserve up the deposit,' he informed Daily Mail Australia.
'Despite the fact that interest rates are less than half what I was paying, it was nowhere near as difficult as now and I didn't have HECS debt to settle because I belonged to that fortunate generation when it was totally free.
The generation born after the war were hit with huge 18 percent rates of interest back in the late 1980s (pictured is Terrigal on the NSW Central Coast)
'My generation had it quite simple - we got free education, we got housing extremely cheaply and we have made a motza out of the increase in home rates that we have chosen.'
In 1980, Sydney's mid-point priced house expense $65,000, or just 4.